FOREMOST CAPITALM A N A G E M E N T

u

March 2020 Performance - CTAs Ranked by 12 Month RetumPerformance Results reported or amended subsequent to Monday April 13, 2020 are not reflected in this Report

Click on column headings to sort [ Note that Annual Compound ROR and Worst Drawdown are from Inception

R a n k ManagerI n v e s t m e n tR e s t r i c t i o n s

MonthlyR e t u r n

Y T D R e t u m^ 1 2

M o n t hR e t u m

C u r r e n tD r a w d o w n

A s s e t sUnder Mgt(Mil l ions)

M i n i m u mI n v e s t n r e n t

Annual_ . W o r s t

1 Purple Valley - DIv. Trend 1 5 6 . 3 5 % 8 2 . 1 8 % 9 0 . 9 2 % - 3 8 . 5 5 % $2,800 $1,000,000 9 . 6 3 % - 6 9 . 7 4 %

2 Claughton Capital - Institutional QEPs Only 1 6 . 8 4 % 3 3 . 1 4 % 4 9 . 5 0 % $10,400 $1,000,000 6 . 7 4 % - 2 5 . 5 5 %

3 D r e l s s R e s e a r c h - D i v e r s i fi e d QEPs Only 1 8 . 0 9 % 4 . 7 3 % 4 1 . 4 7 % - 9 . 1 0 % $0,959 $750,000 1 4 . 9 3 % - 5 1 . 4 4 %

4 Revolution Capital Mgt - Alpha Prg QEPs Only 8 . 5 9 % 2 3 . 6 4 % 4 0 . 9 7 % $234,000 $5,000,000 7 . 9 2 % - 2 0 . 9 2 %

5 Tomas Capital - GCAF | USD QEPs Only 3 7 . 7 8 % 6 5 . 3 3 % 3 9 . 3 2 % - 3 8 . 3 9 % $0,781 $1,500,000 2 . 5 8 % - 6 5 . 8 2 %

6 Covenant Capital Mgt - Total Volatility Program 3 2 . 1 2 % 2 7 . 7 0 % 3 7 . 5 5 % $8,203 $100,000 2 8 . 5 9 % - 1 3 . 8 4 %

7 AG Capital - Global Macro 2 2 . 6 5 % 3 2 . 6 7 % 3 7 . 1 5 % $29,700 $500,000 2 5 . 3 9 % - 2 5 . 2 6 %

8 Quality Capital Management Ltd - GDP QEPs Only 1 0 . 8 0 % 2 5 . 5 0 % 3 5 . 3 7 % - 2 1 . 8 8 % $17,000 $500,000 8 . 4 4 % - 5 3 . 5 5 %

9 Quest Partners LLC - AQO QEPs Only 8 . 8 1 % 1 7 . 5 2 % 3 4 , 1 1 % - 1 , 1 4 % $1,523,000 $20 ,000 ,000 9 . 3 9 % - 2 9 . 4 0 %

1 0 EMC Capital Advisors - Classic QEPs Only 1 4 . 6 3 % 1 6 . 9 0 % 3 1 . 3 9 % - 6 . 3 6 % $23,150 $5,000,000 1 7 . 1 4 % - 4 5 . 1 3 %

1 1 Red Rock Cap. - Commodity L/S 1 3 . 1 6 % 2 5 . 1 5 % 3 0 , 7 3 % - 7 . 6 2 % $5,441 $500,000 9 . 5 4 % - 3 0 . 0 9 %

1 2 SinoPacAM - SinoPacAM-SQMF QEPs Only 2 2 . 5 2 % 3 0 . 5 5 % 3 0 , 1 5 % $38,970 $5 ,000 ,000 9 . 8 1 % - 1 4 . 6 8 %

1 3 Cayler Capital LLC - Systematic Energy Diversified QEPs Only 1 4 . 9 4 % 1 8 . 7 2 % 2 9 , 6 3 % $1,500 $125,000 2 1 . 0 7 % - 7 . 5 9 %

1 4 GT Capital CTA - Systematic Day Trading 1 9 . 9 8 % 2 1 . 3 9 % 2 8 . 5 7 % $1,081 $30,000 4 . 3 0 % - 2 4 . 1 3 %

1 5 John Locke - C. Systematic UCITS QEPs Only 3 . 5 1 % 9 . 1 0 % 2 5 . 6 3 % 0 3 0 , 0 0 0 08 ,000 ,000 7 . 1 4 % - 2 0 . 7 6 %

1 6 W a v e F r o n t - G l o b a l I n v e s t m e n t QEPs Only 2 0 . 7 8 % 2 7 . 4 0 % 2 3 . 9 9 % • 2 5 , 2 5 % $9,158 $2,000,000 4 . 9 5 % - 4 2 . 6 8 %

1 7Breakout Funds Managed Program - ManagedProgram QEPs Only 7 . 6 7 % 1 2 . 9 5 % 2 2 . 3 6 % $56,141 $1,000,000 1 3 . 6 0 % - 5 . 0 7 %

18 Covenant Capital Mgt - Tactical Growth 1 7 . 4 7 % 1 6 . 4 6 % 1 8 . 8 8 % $1,500 $100,000 1 3 . 6 6 % - 1 1 . 5 1 %

19 Jaguar Inv. - Aegir Strategy QEPs Only 9 . 1 3 % 1 0 . 7 9 % 1 8 . 1 1 % $11 ,190 $1,000,000 1 3 . 3 3 % - 6 . 3 2 %

2 0 Adalpha Asset Mgt • DIv. S-Term QEPs Only 4 . 9 2 % 7 . 5 3 % 1 7 , 4 5 % $21,755 $1,000,000 9 . 2 4 % - 1 3 . 4 2 %

2 1 Deep Reld Capital AG - Systematic Volatility Arb QEPs Only 7 . 0 9 % 1 1 . 6 5 % 1 6 , 6 3 % $23,000 $500,000 1 4 . 1 0 % - 1 2 . 2 7 %

2 2 Schindler Capital Mgt - Dairy Adv. - 3 . 6 5 % - 4 . 0 4 % 1 4 , 6 6 % - 4 , 8 0 % $2,933 $200,000 2 9 . 1 6 % - 4 1 . 4 9 %

2 3 Bensboro Advisos LLC - Seasonal Spread QEPs Only 0 . 5 3 % 5 . 6 9 % 1 4 , 2 0 % $3,952 $500,000 5 . 7 2 % - 1 9 . 3 2 %

2 4 Davis Commodities • Ag Program QEPs Only 0 . 8 0 % 4 . 9 9 % 1 2 , 4 7 % - 1 5 , 1 0 % $25,755 $250,000 6 . 2 0 % - 2 9 . 7 2 %

2 5 HiProb Capital Mgt - HiProb-III QEPs Only 0 . 0 6 % 5 . 7 9 % 1 2 , 3 8 % $13,250 $1 ,000 ,000 1 5 . 1 0 % - 2 . 1 7 %

2 6 SpreadEdge Capital, LLC - Diversified SeasonalSpread

7 . 0 2 % 1 4 . 1 0 % 1 2 . 3 8 % $1,959 $100,000 1 8 . 8 0 % - 4 4 . 0 2 %

2 7 GT Capital CTA - Dynamic Trading 1 5 . 0 5 % 1 1 . 1 0 % 1 2 , 0 0 % • 3 3 , 7 1 % $0,157 $150,000 - 0 . 3 1 % - 4 4 . 3 3 %

2 8 QDRA Pty Ltd - Dynamic Macro 0 . 1 1 % 1 8 . 2 0 % 1 1 . 7 5 % - 8 , 1 7 % $51,597 $5 ,000 ,000 7 . 8 2 % - 3 6 . 8 9 %

2 9 Spring Valley Asset Mgt • SVAM Tactical Trend QEPs Only 5 . 9 4 % 4 . 6 0 % 1 0 . 7 6 % $15,300 $1 ,000 ,000 2 . 9 0 % - 1 7 . 5 7 %

3 0 Kinkopf Capital Mgt, LLC - S&P SELECT - 0 . 1 7 % 4 . 9 7 % 1 0 . 3 2 % - 6 , 2 8 % $0,054 $25,000 - 0 . 9 4 % - 2 1 . 8 7 %

3 1 Altis Prts (Jersey) Ltd - PureTrend Portfolio QEPs Only 9 . 0 7 % 1 3 . 0 2 % 1 0 . 2 1 % - 2 , 9 1 % $0,269 $20 ,000 ,000 1 . 9 5 % - 1 7 . 0 1 %

3 2 DUNN Capital • WMA QEPs Only 7 . 7 9 % 1 . 7 5 % 9 . 3 7 % - 1 4 . 0 2 % $511 ,000 $10 ,000 ,000 1 2 . 8 6 % - 6 0 . 2 6 %

3 3 Sigma Advanced Capital Mgt - GAPS QEPs Only - 4 . 2 4 % - 0 . 3 5 % 9 . 2 0 % - 4 . 2 4 % $4,457 $200,000 1 2 . 1 6 % - 1 5 , 9 6 %

3 4 EMC Capital Advisors - Alpha QEPs Only 0 . 4 2 % 0 . 8 9 % 8 . 8 8 % - 1 . 2 6 % $217,910 $5 ,000 ,000 5 . 5 8 % - 1 0 . 6 9 %

3 5 Wharton Capital Mgt - Ag Futures - 0 . 1 7 % 2 . 6 7 % 8 . 1 9 % - 5 . 0 9 % $ 7 , 0 2 6 $100,000 8 . 3 6 % - 1 2 . 0 0 %

3 6 Red Rock Cap. - Sys. Global Macro 4 . 1 5 % - 6 . 5 5 % 7 . 9 1 % - 1 4 . 8 8 % $4,437 $500,000 6 . 9 6 % - 2 4 . 6 3 %

3 7 Carbide Capital Inc - Hedge Prg 3 . 6 9 % 9 . 1 5 % 7 . 2 6 % $0,300 $1,000,000 0 . 5 6 % - 6 . 5 3 %

3 8 Anderson Creek Trading - Standard Diversified 1 4 . 4 3 % 2 1 . 5 5 % 7 . 2 3 % - 2 6 . 7 0 % $0,445 $250,000 - 2 . 9 7 % - 4 0 . 6 6 %

3 9 EMC Capital Advisors - Alpha Plus QEPs Only - 0 . 6 3 % - 1 . 9 2 % 7 . 0 1 % - 4 . 1 9 % $7,670 $5,000,000 7 . 5 5 % - 1 5 . 5 6 %

4 0 Deep Field Capital AG - Intraday Convexity Capture QEPs Only 1 . 1 3 % 2 . 4 4 % 6 . 6 3 % $26,000 $500,000 8 . 9 4 % - 1 . 2 8 %

4 1 For t LP - G loba l Trend QEPs Only - 2 . 4 2 % 3 . 8 5 % 6 . 4 6 % - 6 . 0 5 % $23,090 $10,000,000 9 . 7 0 % - 1 6 . 4 0 %

4 2O'Brien Investment Group - Quantitative GMF u t u r e s QEPs Only 1 . 4 9 % 1 . 7 2 % 5 . 9 9 % - 0 . 8 9 % $17,800 $3,000,000 1 . 8 3 % - 9 . 8 4 %

4 3 Auspice Capital Adwsors - Diversified QEPs Only 9 . 7 2 % 7 . 2 6 % 5 . 5 2 % - 1 6 . 8 2 % $10,355 $2,000,000 1 . 0 9 % - 2 6 . 0 5 %

4 4 Northern Capital Partners - Spread Program - 0 . 7 7 % - 1 . 4 1 % 5 . 3 6 % - 1 . 4 5 % $1,000 $250,000 9 . 2 5 % - 2 . 1 7 %

R a n k ManagerI n v e s t m e n tR e s t r i c t i o n s

MonthlyR e t u m

Y T D R e t u mT i 2

M o n t hR e t u m

4 5 Mulvaney Capital - MF Prg QEPs Only 3 1 . 1 6 % 1 5 . 1 9 % 5 . 2 3 %

4 6 DUNN Capital - WMA Institutional QEPs Only 3 . 8 2 % 1 . 2 0 % 5 . 1 1 %

4 7 SpreadEdge Capital, LLC - Ag Seasonal Spread 1 . 2 8 % 5 . 6 6 % 4 . 7 3 %

4 8 H P X R n a n c i a l - O l d S c h o o l 1 . 1 0 % 3 . 1 3 % 4 . 1 1 %

4 9 Eckhardt Trading CO - Evolution 1 . 2 3 % 9 . 5 3 % 4 . 0 2 %

5 0 Deep Reid Capital AG - Intraday Crisis Alpha QEPs Only 0 . 1 5 % 9 . 3 0 % 3 . 5 6 %

5 1 Pak Capital LLC - Cumency Prg QEPs Only 2 . 2 5 % 2 . 1 1 % 3 . 4 6 %

5 2 Quantitative Invest Mgt - Global QEPs Only - 8 . 6 0 % - 1 . 7 0 % 3 . 3 2 %

5 3 Warrington Asset Mgt - Tactical 0 . 0 1 % - 0 . 0 0 % 3 . 2 1 %

5 4 Dynamica Global Inv - Energy QEPs Only 5 . 3 3 % 2 . 2 3 % 3 . 1 6 %

5 5 Praus Capital Mgt - Quantiative Strategies I - 0 . 8 4 % 4 . 1 2 % 2 . 5 3 %

5 6Orion Capital Advisors, Inc. - Beta Opportunity(Client)

1 1 . 2 9 % 3 7 . 2 0 % 2 . 3 3 %

5 7 Blue Bar Trading - Commodity Diversified QEPs Only 0 . 6 8 % 1 . 9 2 % 2 . 2 8 %

5 8 Blue Bar Trading - Blue Bar Ag QEPs Only 0 . 4 0 % 1 . 5 0 % 2 . 2 6 %

5 9 Global Sigma Group - Equity Advantage II QEPs Only 4 . 8 9 % 1 . 1 5 % 2 . 0 2 %

6 0 Soaring Pelican - Diversified S&P - 0 . 5 0 % - 2 . 4 1 % 1 . 8 4 %

6 1 FOrt LP - Contrarian Program QEPs Only - 4 . 2 6 % - 3 . 4 2 % 1 . 7 4 %

6 2 T h i r d S t r e e t A G - F u n d a m e n t a l A G QEPs Only - 0 . 5 5 % - 0 . 3 3 % 1 . 7 1 %

6 3 Eckhardt Trading Co - Evolution 1.2X 0 . 0 5 % 8 . 4 8 % 1 . 6 4 %

6 4 Pearl Capital Advisors - Pearl Hedged VIX QEPs Only 7 . 3 4 % 3 . 6 4 % 0 . 9 3 %

6 5 For t LP - G loba l Fu tu res QEPs Only - 1 1 . 1 6 % - 7 . 2 2 % - 0 . 8 2 %

6 6 Camkay Capital - Crisis Alpha Intraday - 4 . 3 9 % - 2 . 3 5 % - 1 . 3 6 %

6 7 EMC Capital Advisors - Balance Prg QEPs Only - 7 . 2 2 % - 9 . 0 7 % - 1 . 5 9 %

6 8 Bocken Trading LLC - Discretionary 0 . 6 4 % - 0 . 0 5 % - 2 . 5 5 %

6 9 Gregory P. Asset Mgt - SS&O - 1 . 5 7 % - 1 . 9 8 % - 2 . 6 0 %

7 0 Trigon Invst Advisors - Disc. Macro QEPs Only 0 . 1 1 % - 1 . 1 7 % - 2 . 6 1 %

7 1 Auspice Capital Advisors - MF Index QEPs Only 7 . 4 4 % 3 . 7 1 % - 2 . 7 7 %

C u r r e n tD r a w d o w n

A s s e t sUnder Mgt(Millions)

M i n i m u mI n v e s t m e n t

- 2 7 . 9 6 % $ 1 2 0 , 0 0 0 $ 1 0 , 0 0 0 , 0 0 0

- 6 . 1 5 % $ 4 1 2 , 0 0 0 $ 2 5 , 0 0 0 , 0 0 0

$ 0 , 2 1 4 $ 1 0 0 , 0 0 0

$ 9 , 1 5 3 $ 2 0 0 , 0 0 0

- 3 . 7 2 % $ 1 0 4 , 0 0 0 $ 2 0 , 0 0 0 , 0 0 0

$ 3 8 , 0 0 0 $ 5 0 0 , 0 0 0

- 1 . 0 2 % $ 2 , 4 0 6 $ 2 0 0 , 0 0 0

-10 .32% $1 ,383 ,000 $20 ,000 ,000

- 0 . 0 0 % $ 2 1 , 8 0 0 $ 5 0 0 , 0 0 0

$ 2 5 , 0 5 5 $ 5 0 0 , 0 0 0

- 1 . 9 7 % 0 . 6 1 2 2 0 0 , 0 0 0- 1 . 9 7 % 0 . 6 1 2

- 7 . 0 2 % $ 0 , 6 7 4 $ 1 0 0 , 0 0 0

$ 4 , 5 8 6 $ 1 0 0 , 0 0 0

- 0 . 1 6 % $ 1 1 , 0 2 4 $ 1 0 0 , 0 0 0

$ 1 2 , 6 5 1 $ 1 , 0 0 0 , 0 0 0

- 7 . 3 1 % $ 1 6 , 2 0 0 $ 1 0 0 , 0 0 0

- 6 . 3 8 % $ 2 , 7 0 6 , 8 8 6 $ 5 , 0 0 0 , 0 0 0

- 2 . 2 4 % $ 8 0 , 5 5 3 $ 5 0 0 , 0 0 0

- 6 . 7 2 % $ 1 , 3 0 0 $ 2 0 , 0 0 0 , 0 0 0

- 1 0 . 1 3 % $ 1 5 , 3 0 0 $ 5 0 0 , 0 0 0

-14 .27% $2,016,476 $10,000,000

- 4 . 7 4 % $ 0 , 1 9 6 $ 1 0 0 , 0 0 0

- 9 . 4 5 % $ 5 , 9 7 0 $ 3 , 0 0 0 , 0 0 0

- 3 1 . 0 5 % $ 1 , 5 3 8 $ 1 0 0 , 0 0 0

- 1 2 . 1 7 % $ 2 , 2 1 4 $ 5 0 , 0 0 0

- 1 6 . 8 9 % $ 2 5 3 , 3 9 0 $ 5 , 0 0 0 , 0 0 0

- 1 5 . 2 2 % C $ 2 , 5 8 9 C $ 1 , 0 0 0 , 0 0 0

- 3 0 . 0 8 % $ 1 1 , 9 0 0 $ 2 0 0 , 0 0 0

- 1 6 . 7 8 % $ 6 , 0 0 0 $ 5 0 0 , 0 0 0

- 4 . 5 2 % $ 9 , 3 5 0 $ 5 0 , 0 0 0

- 1 4 . 5 0 % $ 6 8 3 , 1 0 3 $ 1 0 , 0 0 0 , 0 0 0

A n n u a l ^ _D r a w d o w

1 0 . 9 5 % - 4 5 . 0 8 %

4 . 3 9 % - 1 5 . 1 7 %

2 7 . 2 9 % - 2 0 . 6 9 %

3 9 . 4 1 % - 1 9 . 8 9 %

1 1 . 7 1 % - 2 7 . 1 1 %

1 0 . 0 3 % - 5 . 9 5 %

0 . 8 7 % - 4 . 7 1 %

7 . 6 4 % - 1 6 . 9 1 %

7 . 2 6 % - 4 . 1 2 %

8 . 3 4 % - 1 1 . 6 1 %

6 . 9 9 % - 7 . 7 6 %

72 Altis Pits (Jersey) Ltd - Global Futures QEPs Only

73 1512 SG Capital Mgt AG - St.Gallen I Counter-Trend QEPs Only

74 Demeter Cap. - Livestock & Grain

7 5 F o r t L P - G l o b a l D i v e r s i fi e d

QEPs Only

QEPs Only

1 0 . 5 7 %

- 1 1 . 1 3 %

- 2 0 . 3 0 %

- 3 . 1 0 %

1 0 . 8 0 %

- 9 . 6 3 %

- 2 . 9 6 %

- 2 . 9 9 %

- 3 . 4 6 %

- 4 . 6 6 %

7 6 Pinstripe Trading - Standard 0 . 0 3 % - 6 . 1 3 % - 4 . 7 8 % - 1 6 . 8 1 % $6,300 $125,000

7 7 Pius EV Capital - Raise Alpha 3 . 4 6 % 8 . 1 1 % - 5 . 4 8 % - 5 . 4 8 % $2,529 $100,000

7 8 Evergreen Commodity - Disc. Energy - 0 . 2 3 % - 9 . 6 3 % - 5 . 9 9 % - 1 1 . 8 6 % $16,878 $100,000

7 9 Turk Capital LLC - US Market Hedge Strategy QEPs On ly -6 .02% - 1 0 . 2 0 % - 6 . 0 2 % - 1 0 . 2 0 % $2,638 $250,000

8 0 Double Helix Cap. - Double Helix - 0 . 2 9 % - 9 . 5 6 % - 6 . 2 1 % - 9 . 5 6 % $9,656 $50,000

8 1 RTM Capital Advisors - RTM Core Indices Plus - 2 . 3 3 % - 6 . 2 1 % - 6 . 5 1 % - 8 . 4 2 % $2,830 $500,000

8 2 Crescent Bay - Conservative Growth Index - 6 . 7 0 % - 1 5 . 1 3 % - 7 . 1 8 % - 1 5 . 1 3 % $1,147 $10,000

8 3 Lyons Trading Group - LATS (C) - 6 . 5 1 % - 1 0 . 5 8 % - 7 . 7 5 % - 2 8 . 7 4 % $0,929 $100,000

8 4 Mobius Asset Mgt - X-Ceed - 0 . 2 0 % - 1 . 4 0 % - 7 . 8 1 % - 3 0 . 1 3 % $1,500 $150,000

8 5 Diamond Capital - Enhanced S&P - 3 . 2 1 % - 7 . 4 3 % - 8 . 3 6 % - 1 2 . 4 1 % $10,017 $100,000

8 6 Carbide Ca[Mal Inc - Absolute Retum - 5 . 9 1 % - 1 4 . 2 1 % - 9 . 1 5 % - 4 0 . 9 7 % $2,409 $200,000

8 7 Ditsch Trading LLC - Discretionary 0 . 2 0 % - 0 . 9 0 % - 9 . 7 9 % - 4 8 . 1 5 % $1,516 $100,000

8 8 S o u t h w e s t M a n . I n v. - G l o b a l D i v. - 4 . 1 0 % - 9 . 5 5 % - 1 0 . 5 1 % - 2 4 . 0 4 % $7,412 $200,000

8 9 G o l d m a n M g t - S t o c k I n d e x Q E P s O n l y - 1 1 . 2 5 % - 1 8 . 6 1 % - 1 1 . 1 0 % - 1 8 . 6 1 %

9 0 M 8 i R C a p i t a l L L C - U v e s t o c k - 0 . 9 1 % - 1 1 . 1 0 % - 1 1 . 2 7 % - 1 4 . 3 5 %

9 1 O p u s F u t u r e s , L L C - A d v a n c e d A g - 1 . 0 1 % 4 . 1 7 % - 1 1 . 7 3 % - 2 2 . 5 1 %

9 2 T u r k C a p i t a l L L C - U . S . E q u i t y L o n g S h o r t Q E P s O n l y - 1 2 . 7 2 % - 2 0 . 4 6 % - 1 2 . 5 0 % - 2 0 . 4 6 %

9 3 A u s p i c e C a p i t a l A d v i s o r s - C m d y I n d e x Q E P s O n l y - 2 . 8 9 % - 1 0 . 8 7 % - 1 3 . 3 7 % - 4 2 . 9 9 %

9 4 S a n d p i p e r - G l o b a l M a c r o Q E P s O n l y 2 3 . 2 1 % 9 . 2 6 % - 1 3 . 6 2 % - 2 0 . 1 5 %

9 5 C a e r u s G r o u p , L L C - O i l F u t u r e s T r a d i n g P r g - 1 . 6 4 % - 1 8 . 0 6 % - 1 7 . 9 3 % - 2 1 . 8 3 %

9 6 2 P i x e l s c a p i t a l M g t - I n d e x O p t i o n - 0 . 1 0 % - 3 2 . 6 0 % - 4 2 . 3 9 % - 6 8 . 4 0 %

$160,000

$52,446

$24,277

$19,193

$350,000

$100,000

$100,000

$100,000

C$53,322 C$1,000,000

$ 1 2 , 0 0 0 $ 1 , 0 0 0 , 0 0 0

$ 0 , 4 0 0 $ 2 0 0 , 0 0 0

$ 0 , 0 2 5 $ 2 5 , 0 0 0

2 4 . 0 5 % - 1 1 . 2 4 %

3 7 . 7 1 % - 4 2 . 2 6 %

4 . 4 2 % - 4 . 2 3 %

6 . 2 7 % - 1 0 . 9 7 %

9 . 3 1 % - 1 7 . 4 2 %

2 . 2 1 % - 8 . 9 8 %

1 5 . 3 3 % - 4 0 . 3 9 %

7 . 2 7 % - 1 6 . 4 6 %

1 3 . 3 2 % - 2 6 . 5 6 %

- 2 . 3 1 % - 4 . 7 4 %

- 2 . 2 1 % - 9 . 4 5 %

2 . 5 7 % - 3 2 . 4 6 %

9 . 9 1 % - 2 5 . 3 5 %

0 . 8 1 % - 1 6 . 9 8 %

1 . 0 5 % - 2 3 . 3 3 %

7 . 3 5 % - 4 9 . 8 8 %

9 . 9 2 % - 2 4 . 9 2 %

8 . 2 7 % - 2 0 . 9 2 %

1 3 . 4 0 % - 2 6 . 5 6 %

5 . 0 0 % - 1 7 . 3 9 %

4 7 . 3 2 % - 1 8 . 8 8 %

1 1 . 5 8 % - 1 1 . 8 6 %

- 0 . 4 8 % - 1 0 . 2 0 %

4 . 4 9 % - 1 3 . 4 8 %

4 . 5 9 % - 9 . 3 1 %

2 . 5 3 % - 1 5 . 1 3 %

- 1 4 . 3 8 % - 3 0 . 7 7 %

- 4 . 6 4 % - 3 0 . 1 3 %

1 0 . 3 6 % - 1 2 . 6 5 %

- 2 . 6 5 % - 4 0 . 9 7 %

2 . 6 4 % - 4 9 . 3 4 %

4 . 4 9 % - 3 2 . 7 9 %

6 . 1 8 % - 1 8 . 6 1 %

1 7 . 7 6 % - 2 3 . 3 8 %

5 . 1 7 % - 5 0 . 6 2 %

2 . 4 3 % - 2 0 . 4 7 %

- 2 . 6 9 % - 4 2 . 9 9 %

3 . 8 0 % - 3 5 . 1 9 %

- 1 1 . 9 2 % - 2 1 . 8 3 %

- 2 0 . 4 5 % - 6 8 . 4 0 %

This Report May be sorted by Monthly Return, YTD Return, Current Drawdown, 12 Month Return, Assets Under Management & Minimum Account Size.

Please note that the monthiy performarKe numbers, ROR and Drawdowns are based on end of month values and are not reflective of intramonth volatility.

(C) = Client Trading Results [ (P) = Proprietary Trading Results | (P&C) » A Combination of Proprietary & Client Results.

Monthly Return - Indicates the Monthly Retum for the Date indicated in the Title of this Report.

YTD Return - Indicates the Year-to-Date Return as of the Date indicated in the title of this report..

12 Month Return - Indicates the last 12 Month Retum as of the Date Indicated in the Title of this Report.

Current Drawdown - Represents the extent of the Advisor's current drawdown.

Assets under Management - The Assets under Managmeent of the Advisor's Program or the Total Assets of the Advisor.

Minimum Investment - The minimum participation for an individual managed account.

Annual Compound Rate of Return from Inception - Represents the average return of the CTA over a number of years. It smoothes out returns by assuming constantg row th

Worst Drawdown from Inception - The Worst Drawdown is defined as the greatest cumulative percentage decline in net asset value due to losses sustained by thetrading program during any period in which the initial net asset value is not equaled or exceeded by a subsequent asset value.

R I S K D I S C L O S U R E - P A S T P E R F O R M A N C E I S N O T N E C E S S A R I L Y I N D I C A T I V E O F F U T U R E R E S U L T S .

THIS MATTER MAY BE INTENDED AS A SOLICITATION FOR MANAGED FUTURES. THE RISK OF TRADING COMMODITY FUTURES, OPTIONS AND FOREIGNEXCHANGE ("FOREX") IS SUBSTANTIAL. THE HIGH DEGREE OF LEVERAGE ASSOCIATED WITH COMMODITY FUTURES, OPTIONS AND FOREX CAN WORKAGAINST YOU AS WELL AS FOR YOU. THIS HIGH DEGREE OF LEVERAGE CAN RESULT IN SUBSTANTIAL LOSSES, AS WELL AS GAINS. YOU SHOULDT H E R E F O R E C A R E F U L L Y C O N S I D E R W H E T H E R S U C H T R A D I N G I S S U I T A B L E F O R Y O U I N L I G H T O F Y O U R F I N A N C I A L C O N D I T I O N . I F Y O U A R E U N S U R E

Y O U S H O U L D S E E K P R O F E S S I O N A L A D V I C E . A N I N V E S T O R M U S T R E A D A N D U N D E R S T A N D T H E C T A ' S C U R R E N T D I S C L O S U R E D O C U M E N T B E F O R E

I N V E S T I N G . T H E R E A R E N O G U A R A N T E E S O F P R O F I T N O M A T T E R W H O I S M A N A G I N G Y O U R M O N E Y.

P A S T P E R F O R M A N C E D O E S N O T G U A R A N T E E F U T U R E S U C C E S S . I N S O M E C A S E S M A N A G E D A C C O U N T S A R E C H A R G E D S U B S T A N T I A L C O M M I S S I O N S A N D

ADVISORY FEES. THOSE ACCOUNTS SUBJECT TO THESE CHARGES, MAY NEED TO MAKE SUBSTANTIAL TRADING PROFITS JUST TO AVOID DEPLETION OFTHEIR ASSETS. EACH COMMODITY TRADING ADVISOR ("CTA") IS REQUIRED BY THE COMMODITY FUTURES TRADING COMMISSION ("CFTC") TO ISSUETO PROSPECTIVE CLIENTS A RISK DISCLOSURE DOCUMENT OUTLINING THESE FEES, CONFLICTS OF INTEREST AND OTHER ASSOCIATED RISKS. A HARDCOPY OF THESE RISK DISCLOSURE DOCUMENTS ARE READILY AVAILABLE BY CLICKING ON EACH CTA'S "REQUEST DISCLOSURE DOCUMENT" BUTTON.

THE FULL RISK OF COMMODITY FUTURES, OPTIONS AND FOREX TRADING CAN NOT BE ADDRESSED IN THIS RISK DISCLOSURE STATEMENT. NOC O N S I D E R A T I O N T O I N V E S T S H O U L D B E M A D E W I T H O U T T H O R O U G H L Y R E A D I N G T H E D I S C L O S U R E D O C U M E N T O F E A C H O F T H E C T A S I N W H I C H Y O UMAY HAVE AN INTEREST. REQUESTING A DISCLOSURE DOCUMENT PLACES YOU UNDER NO OBLIGATION AND EACH DOCUMENT IS PROVIDED AT NOCOST. THE CFTC HAS NOT PASSED UPON THE MERITS OF PARTICIPATING IN ANY OF THE FOLLOWING PROGRAMS NOR ON THE ADEQUACY ORACCURACY OF THE DISCLOSURE DOCUMENTS. OTHER DISCLOSURE STATEMENTS ARE REQUIRED TO BE PROVIDED TO YOU BEFORE AN ACCOUNT MAY BEO P E N E D F O R Y O U .

P A S T P E R F O R M A N C E I S N O T N E C E S S A R I L Y I N D I C A T I V E O F F U T U R E R E S U L T S . P R O S P E C T I V E C L I E N T S S H O U L D N O T B A S E T H E I R D E C I S I O N O N

INVESTING IN THIS TRADING PROGRAM SOLELY ON THE PAST PERFORMANCE PRESENTED. ADDITIONALLY, IN MAKING AN INVESTMENT DEOSION,P R O S P E C T I V E C L I E N T S M U S T A L S O R E L Y O N T H E I R O W N E X A M I N A T I O N O F T H E P E R S O N O R E N T I T Y M A K I N G T H E T R A D I N G D E C I S I O N S A N D T H E T E R M S

O F T H E A D V I S O R Y A G R E E M E N T I N C L U D I N G T H E M E R I T S A N D R I S K S I N V O L V E D .

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W E R E R A T E D . T H E E N T I R E C T A U N I V E R S E I S N O T I N C L U D E D I N T H E R A N K I N G S . T H E P E R F O R M A N C E I N F O R M A T I O N P R O V I D E D W H E R E I N H A S N O T B E E N

V E R I F I E D B Y A U T U M N G O L D . T H E P A S T P E R F O R M A N C E I S N O T N E C E S S A R I L Y I N D I C A T I V E O F F U T U R E R E S U L T S .

A U T U M N G O L D C T A I N D E X E S A R E N O N - I N V E S T A B L E I N D E X E S C O M P R I S E D O F T H E C L I E N T P E R F O R M A N C E O F C T A P R O G R A M S I N C L U D E D I N T H E A U T U M N

G O L D D A T A B A S E A N D D O N O T R E P R E S E N T T H E C O M P L E T E U N I V E R S E O F C T A S . I N V E S T O R S S H O U L D N O T E T H A T T T I S N O T P O S S I B L E T O I N V E S T I N

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